Bristol's Graphcore burns through $60m as it tries to bring AI chips to market

Graphcore chip
Graphcore is making microchips tuned to perform artificial intelligence tasks Credit: Graphcore

British chipmaking start-up Graphcore has burned through more than $50m (£39m) in one year as it seeks to get its AI-powered silicon chips onto the market and into data centres and driverless cars.

The Bristol-based company, founded by hardware industry veterans Nigel Toon and Simon Knowles, has been spending heavily, growing its headcount and opening offices in a bid to transform its chip designs.

It burnt through $60m in 2018, losing $52m after tax. The start-up reported revenues of $1.1m.

It comes as Graphcore continues to ramp up its operations in the UK by hiring 500 new staff and open a new office in Cambridge. The company already has offices in London, Oslo, Palo Alto and has launched...

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